As work on Capitol Hill begins under President Joe Biden and the Democrat-controlled Congress, NAFCU’s award-winning advocacy team is maintaining close contact to ensure decision makers are aware of credit unions’ efforts in their communities and opportunities to provide the industry with additional tools to support recovery from the coronavirus pandemic.
NAFCU President and CEO Dan Berger wrote Biden Thursday to congratulate him and Vice President Kamala Harris and offer insights into the credit union difference.
“Credit unions, as not-for profit, cooperative financial institutions, are unlike for-profit banks and other financial institutions,” Berger wrote. “Their guiding principle is always that the best interest of their members comes first. All credit union members have an equal say in the operation of their credit union, no matter the dollar amount on deposit. Credit unions are also different because they are more diverse than other financial institutions, with three times more credit union minority depository institutions (MDIs) than bank MDIs and ten times as many female CEOs in credit unions than in banks.
continue reading »